You are in too tight of a spot, need more reserves, I would suggest you be ready to pay 6 months of full carrying costs as well as a few thousand for repairs, especially going into winter in NJ.Worst case the person doesn't pay, you have to evict them, and something breaks or they destroy the unit.

The only problem is when the property goes vacant the cash flow will be destroyed along with any projectionsUnless i can purchase any of these units and spread my risk I would not follow that modelHope that helpsGood luckGino

Didn't get either one as the homeowners wanted too much, but that happens.Now would I buy a house or lot that had already been destroyed by a flood once before?

Did I just destroy my chance at profit due to animal destruction?

The bill for oil is ~7k per year which destroys the cashflowHas anyone successfully converted a system like this to sub metered and paid by tenants?

I'd also be keen to find out peoples opinions on whether Houston has enough diversification in the job market or if it's too dependent on the oil industry and if that gets replaced/winds down in 25-60 years (a debatable point I know) would the housing market still stand up or would you get another Detroit-like scenario where the demise of the car industry destroyed house prices?

Inspection shows unreported leak in kitchen had destroyed cabinets and was flowing through garbage disposal.

I partnered with some close friends in past real estate deals but things did not turn out as we all wanted (as I mentioned on my podcast interview, one building I bought went into foreclosure) so those former close friends took matters personally and became my vicious enemies committed to destroying me.

The second you attempt to do this without an attorney involved to protect you both is the second you start to destroy your relationship with this family member.

We're thinking of going with decent carpet tiles for a number of reasons: no hidden costs, no installation costs, if they get destroyed we don't have to replace the whole carpet, and they're a 'green' product (which is a big deal in our market).